We at Exodus Lending have much to be thankful for as we reflect on 2022 and plan for 2023. Firstly, we are thankful for YOU – our community of supporters who sustain and nourish us financially and spiritually to carry forward our mission. As we close 2022, we are also thankful that we…
- Transitioned executive leadership seamlessly thanks to the happily retired Sara Nelson-Pallmeyer, our staff, and our Board of Directors.
- Applied for CDFI certification to become a Community Development Financial Institution as a gateway to expand our lending and operational capital.
- Merged with Minnesotans for Fair Lending (MFL) to bring advocacy and systems change under one roof.
- Doubled our impact from last year by refinancing more than 100 predatory loans with an average APR of 350% for 75 participants.
- Designed a “Resiliency Loan” as a direct upstream alternative to predatory loans. We plan to pilot in the New Year with several community nonprofit partners across Minnesota!
However, the challenge remains that our communities continue to be systematically targeted by storefront and online lenders whose entire business model relies on people’s inability to repay. Today’s economic downturn is a predatory lender’s paradise. We see people stuck in larger loans for longer periods of time with our average payoff today being $1,145 compared to $746 in 2015!
So our New Year’s Resolutions as we look ahead to 2023 are to….
- Advocate for a statewide 36% interest rate cap next legislative session following the lead of 18 states and D.C. who have already passed these common sense protections.
- Reach and relieve 150 more Minnesotans stuck in payday, pawn, car title, and high-cost online loans with our refinancing program.
- Raise more lending capital for our revolving community loan pool to scale our new Resiliency Loan program.
- Model dignified, equitable lending to our banks and credit union neighbors to prove that one’s “credit worthiness” is not the only factor in determining ability to access capital.
Will you join us? I am confident that, with your partnership, we can achieve the above stated resolutions. So if you are able, please support Exodus Lending with a donation by year-end to help us fight and finance our way toward economic justice in Minnesota.
Check out our Ways to Give sheet for additional giving options.
Exodus Lending is a 501(c)(3) organization (EIN: 47-1706853).
Gifts of all sizes are appreciated and are tax-deductible to the extent allowed by law.
Anne Leland Clark
Predatory Lending in the News
In case you missed it, here are some of the latest news items on predatory lending:
Exodus Lending E-Newsletter: December 2022